sebi:ORDER/NH/KL/2023-24/27951
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Facts / Headnote
Penalty imposed on the Noticee for violations of SEBI Act and regulations
Provisions invoked
- s. 15
- s. 12
- s. 15H
- s. 15J
- s. 15F
Regulations
- Reg. 3
- Reg. 9(f)
- Reg. 4(1)
- Reg. 4(a)
- Reg. 7
- Reg. 4(2)
- Reg. 26
- Reg. 3(a)
- Reg. 9
- Reg. 4(2)(e)
- Reg. 4(2)(b)
- Reg. 4(2)(o)
Parties
- Kesarisuta Vinimay Pvt. Ltd.
Holding
The Noticee, Kesarisuta Vinimay Pvt. Ltd., was held to have violated Schedule II A (2) of the Code of Conduct for Stock Brokers read with Regulation 9(f) of the Broker Regulations, and Section 12A(a), (b), (c) of the SEBI Act read with Regulations 3(a), (b), (c), (d) and 4(1) of the PFUTP Regulations, by failing to exercise due care and diligence and by enabling clients to execute fraudulent reversal trades despite BSE alerts.
Full text
Adjudication Order the matter of Trading Members in Illiquid Stock Options Page 2 of 33 2. Thereafter, confirmatory Orders dated July 30, 2016, August 22, 2016 and August 24, 2016 (collectively referred to as ‘Confirmatory Orders’) were passed by SEBI confirming the directions issued vide the Interim Order against all 59 persons /entities.
Adjudication Order the matter of Trading Members in Illiquid Stock Options Page 3 of 33 5. Investigation was carried out in the instant matter for the period April 01, 2014 – September 30, 2015 (hereinafter referred to as ‘IP/ Investigation Period’), which is same as the examination period referred in the Interim Order dated February 17, 2016 in respect of Brokers in the matter of Illiquid Stock Options.
Adjudication Order the matter of Trading Members in Illiquid Stock Options Page 4 of 33 APPOINTMENT OF ADJUDICATING OFFICER
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Source: SecMarx — sebi:ORDER/NH/KL/2023-24/27951. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.